Sales were up for Schneider Corp. in the first quarter of fiscal 2001, but net earnings were down.
In the first 13 weeks of the year, the company had sales of $302.9 million compared to $231.7 million in the same time frame last year.
Sales in both consumer foods and pork businesses exceeded company expectations.
But earnings from operations were $8.37 million, down about $3.1 million from the same quarter last year.
Net earnings were $3.49 million or 48 cents per share, compared to $5.73 million or 78 cents per share last year.
Lower profit margins were due to sharply higher hog prices compared to a year ago.
During the quarter, Schneider increased its ownership in Mitchell’s Gourmet Foods Inc. to 43 percent from 38 percent by buying treasury shares. The investment was made to pay for an expansion at Mitchell’s Saskatoon plant. The expansion is on budget and slightly ahead of schedule for a January opening.
Schneider is committed to investing another $21 million over the next three months to acquire treasury shares in Mitchell’s, which will increase its ownership to 54 percent.
